The downtime that occurs between December 15 and January 15 presents the perfect opportunity for you to take stock of your accomplishments over the past year by completing a yearend review, says Sara Gilbert, founder of Strategist Business Development in Montreal.
At its most basic level, a yearend review is a scoreboard showing how your business performed throughout the year. By evaluating the strengths and weaknesses of your business in 2015, you can enter 2016 armed with insights into ways of creating more efficiency in your practice, Gilbert says. Here are three tips for completing a yearend review of your practice:
1. Evaluate the year month by month
Gilbert recommends taking a big-picture look at the past year by evaluating it month by month. On a letter-sized sheet of paper, create 12 columns: one labelled for each month. In each column, list the goals that were set for the month, followed by what was actually accomplished.
Now, you can evaluate goals you should be modifying, Gilbert says. For example, if you have been hosting three client-appreciation events a year but found that they did not receive high turnout or strengthen client relationships, you should consider reducing the number of those events the following year.
A yearly breakdown is also an important way to measure success. “If you don’t measure the impact an activity has on your business, chances are you won’t continue to reach for new goals,” Gilbert says.
When you track your progress, you can learn which strategies bring the most effective results.
2. Brainstorm with your team
A yearend review should not be a solo activity. You will need the collaboration of your team to get a holistic view of the business, Gilbert says. Your team will be able to help you identify “wins” that you may have overlooked.
It’s also vital for your team members to stay informed so they can enter the new year with a strong sense of direction, Gilbert says. Your team will need feedback on how the company is evolving in addition to ways they can individually contribute to the organization’s growth.
3. Set measurable goals for the New Year
You can’t control the number of new clients you obtain each month, Gilbert says, but you can control the number of prospects you contact. Create measurable, realistic goals that will help you hit your targets.
Finally, make sure that you don’t wait for another 12 months to pass before reviewing your progress, Gilbert says. Make a note to check in at six months so you can alter any benchmarks that reveal themselves to be unrealistic.
Follow @LeahGolob on Twitter.